Employee turnover happens at all organizations, so it’s important to have a strategy to stop it. According to the Society for Human Resource Management (SHRM), it is estimated that the current attrition rate across all industries is 15 percent. Plus, the cost of losing an employee can range from $25,000 to more than $3 million. If your company is consistently losing team members, chances are your company is suffering from attrition. Our team at High Profile has designed this post to help you reduce attrition rates.
First, you should understand why employees are leaving. It’s important for HR managers to listen to their employees and find the real reason they are exiting the company. Oftentimes, an employee’s immediate supervisor is the reason for leaving. If this is the case, it’s time to address management issues.
Another reason employees leave is because they don’t feel a sense of belonging. Company culture is becoming increasingly important to employees, and they want to feel at home. Building a company culture takes time, but it is important to establish and maintain one.
Now that you know why employees are leaving, what are you going to do about reducing attrition rates?
Partnering with a staffing firm is a great way to help you find better, more qualified candidates. Staffing firms know how to find the top people and bring them to you. Employee satisfaction is another way to reduce attrition rates. When employees leave, the remaining employees are expected to pick up the slack. A staffing firm can step in and find temporary employees to fill open positions so current staff doesn’t become overwhelmed.
Make sure your employees feel valued. Managers should be talking to their employees and asking for their feedback. Feedback should also be given to the employees and there should be perks for employees who are doing well in order to keep them satisfied. Plus, this shows other employees that hard work does pay off.
These are just some of the ways to get started on reducing attrition rates at your organization. For more tips, contact one of our expert recruiters today.